I am able to create a separate WiFi network for IoT devices, but can I also create an ethernet VLAN for the same purpose? Can I combine both the WiFi and the ethernet VLAN into a single subnet?
Yes, it does.
But only via luci - not by the GL GUI.
See Help a noob to setup subnets - #4 by xize11 for example.
Thanks for the information. Sorry if I misunderstand your instructions, but will this create an external VLAN that can be used by an seperate switch that is not running OpenWRT? The external switch would just need to specifiy the correct VLAN ID.
The link @admon sent is more for a routed ap it gets sometimes confused with vlans, still usefull in alot of cases, but since you want segmentation through a switch these are really vlans.
you can try this tutorial by onemarcfifty:
You may need a couple of more of his videos for wifi and vlans, what you want is a so called dumb ap in where you sent these vlans to, which has no firewall or dhcp server, preferly using roaming so your wireless list doesn't show duplicate ssids.
how good is your knowledge of the basic concept around vlans?
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I was using VLANs with another brand of router and was trying to set it up again now with OpenWRT. I am deep into segmentation and combining WiFi and LAN into the same segment. It sounds like I should just concentrate on OpenWRT itself of using the GL UI. Am I missing something?
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This is correct, gl ui does not support vlans.
However the advanced settings do aka luci/openwrt.
There are a few downsides with the gl ui though, things like the clients or vpn policies may not work properly since it only listens to hardcoded lan and guest network interfaces 
In the future gl is planning to add better support, but it can take some time.
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